The Nigeria Labour Congress (NLC) has explained why the union suspended its planned protest and strike action over the cash crunch created by the Naira Swap Policy implemented by the Central Bank of Nigeria (CBN). This was stated in a statement released by the union president, Comrade Joe Ajaero, explaining that the reason for the suspension was because of drastic improvement in the situation. The union claimed that Naira notes have begun to circulate, alleviating the hardships that Nigerians have been experiencing as a result of the cash crunch.
Nigerians were seen in their numbers at various branches of commercial banks nationwide on Saturday to withdraw Naira notes in compliance with the directive given by the Central Bank of Nigeria to commercial banks. SaharaReporters gathered that some ATM machines started to dispense up to N10,000 per withdrawal, implying that the cash crunch created by Naira Swap Policy may come to an end in short time.
Some angry customers on Thursday afternoon blocked the entrance of Guaranty Trust Bank, University of Ibadan Branch, Oyo State for claiming to have closed before 4pm, the usual closing time, without prior notice. SaharaReporters gathered that the irate customers decided not to leave the Bank premises unless the bank’s manager gave them the needed explanation, leaving other customers and officials who were already inside the bank stranded.
A former Senator, Dino Melaye has called out President Muhammadu Buhari’s government and the Central Bank of Nigeria on how they used Naira Swap Policy to deceive Nigerians. Melaye, a spokesperson for the Peoples Democratic Party Presidential Campaign Council accused Buhari’s government and the apex bank of giving the ruling All Progressives Congress (APC) presidential candidate, Bola Tinubu advantage during the conduct of the 2023 general election.